Hammond sees more spending, tax cuts once Brexit deal done – FT

UK

Britain’s Chancellor of the Exchequer Philip Hammond is seen outside of Downing Street in London, Britain, March 5, 2019. REUTERS/Peter Nicholls

LONDON (Reuters) – Chancellor Philip Hammond said he would be able to free up billions of pounds in extra public spending or tax cuts if the country can resolve its Brexit impasse, the Financial Times said on Friday.

Hammond is due to announce a half-yearly update on the budget on Wednesday, a day after parliament is due to vote on Prime Minister Theresa May’s plan for a Brexit divorce deal with the rest of the European Union.

He told the FT that official fiscal forecasts he is due to announce next week would show that the public finances were in better shape than expected in his last budget statement and he would have more than the 15.4 billion pounds of fiscal “headroom” he has previously earmarked for potential spending.

Reporting by Ishita Chigilli Palli in Bengaluru; Writing by William Schomberg; Editing by Jonathan Oatis

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